Insider Selling: Scotts Miracle-Gro (NYSE:SMG) Director Sells $176,345.10 in Stock

Key Points

• Director David Evans sold 2,655 shares for about $176,345 at an average price of $66.42, reducing his direct stake by 9.46% to 25,405 shares.
• Scotts Miracle-Gro reported quarterly adjusted results that beat estimates, with EPS of -$2.16 versus -$2.21 expected; revenue of $302.9 million fell short of forecasts and declined 10.9% year over year.
• The company declared a quarterly dividend of $0.66 per share, equivalent to $2.64 annually and a 4.1% yield. Analysts’ average rating was “Moderate Buy,” with a $74.80 average price target.

The Scotts Miracle-Gro Company (NYSE:SMG - Get Free Report) Director David Evans sold 2,655 shares of the business's stock in a transaction on Monday, November 9th. The stock was sold at an average price of $66.42, for a total transaction of $176,345.10. Following the transaction, the director directly owned 25,405 shares in the company, valued at $1,687,400.10. This trade represents a 9.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Scotts Miracle-Gro Price Performance

NYSE SMG opened at $64.95 on Thursday. The company's fifty day moving average is $56.01 and its two-hundred day moving average is $61.99. The Scotts Miracle-Gro Company has a 52-week low of $47.90 and a 52-week high of $75.34. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 38.66 and a beta of 1.87.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The basic materials company reported ($2.16) EPS for the quarter, beating analysts' consensus estimates of ($2.21) by $0.05. Scotts Miracle-Gro had a net margin of 3.16% and a negative return on equity of 77.42%. The business had revenue of $302.90 million during the quarter, compared to analyst estimates of $306.11 million. During the same quarter in the prior year, the business earned ($2.63) earnings per share. The firm's revenue for the quarter was down 10.9% on a year-over-year basis. As a group, sell-side analysts expect that The Scotts Miracle-Gro Company will post 4.78 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be given a dividend of $0.66 per share. The ex-dividend date is Friday, November 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.1%. Scotts Miracle-Gro's payout ratio is currently 157.14%.

Analyst Ratings Changes

Several equities research analysts have issued reports on SMG shares. Wall Street Zen lowered shares of Scotts Miracle-Gro from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Citigroup reiterated an "overweight" rating on shares of Scotts Miracle-Gro in a research report on Monday, November 2nd. Weiss Ratings cut Scotts Miracle-Gro from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, October 6th. JPMorgan Chase & Co. dropped their target price on shares of Scotts Miracle-Gro from $70.00 to $67.00 and set a "neutral" rating for the company in a research report on Thursday, November 5th. Finally, Stifel Nicolaus lowered their target price on Scotts Miracle-Gro from $76.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, September 29th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Scotts Miracle-Gro has an average rating of "Moderate Buy" and an average target price of $74.80.

Institutional Trading of Scotts Miracle-Gro

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kestrel Investment Management Corp acquired a new position in Scotts Miracle-Gro during the first quarter valued at approximately $2,390,000. Madison Asset Management LLC acquired a new position in shares of Scotts Miracle-Gro during the 2nd quarter worth approximately $7,163,000. Royal Bank of Canada grew its stake in shares of Scotts Miracle-Gro by 182.2% in the first quarter. Royal Bank of Canada now owns 66,698 shares of the basic materials company's stock valued at $4,057,000 after buying an additional 43,066 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Scotts Miracle-Gro in the second quarter valued at $1,323,000. Finally, Corient Private Wealth LP grew its stake in shares of Scotts Miracle-Gro by 500.3% in the second quarter. Corient Private Wealth LP now owns 114,728 shares of the basic materials company's stock valued at $7,814,000 after buying an additional 95,616 shares in the last quarter. 74.07% of the stock is currently owned by institutional investors and hedge funds.

Scotts Miracle-Gro Company Profile

Scotts Miracle-Gro Company develops, manufactures and markets branded products for lawn care and gardening. Its offerings include grass seed, lawn fertilizers and weed-control products, soils, plant foods and other products for growing and maintaining lawns, gardens and landscapes. Its consumer brands include Scotts, Miracle-Gro and Ortho. The company also has a Hawthorne business that supplies equipment and products for indoor and hydroponic gardening. Scotts Miracle-Gro's products are sold primarily in North America, with additional operations and sales in international markets.

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